Huntington (WV) Auto Loans

Have you been looking to buy a new or pre-owned vehicle in Huntington, and need a car loan? Normally, the finance company holds a lien on the vehicle until the loan is fully repaid. You’ll need to carry comprehensive insurance during this period, so that you will have the money to repay the loan in case there is a major accident. To streamline the process, you can apply on the web for your car loan.

Let a local Huntington finance professional direct you through the purchasing process. Best of all, there’s no fee to apply.

Car Loan Rates in Huntington

Wondering what rate of interest you will be charged? The truth is, your annual percentage rate differs hugely based on your FICO score, not to mention a number of other factors. The rates shown below are only for informational purposes. These aren’t advertisements, and your exact rate could deviate widely from what’s seen below.

FICO Rating

New Car

Used Car

Excellent

3.2%

3.7%

Good

4.4%

5.3%

Average

7.5%

8.9%

Subprime

10.2%

10.8%

Bad

13.3%

13.6%

Very Bad

13.9%

14.2%

Used Car Financing in Huntington

Options such as 0% finance and zero down payment are available on new cars if you’ve got superior credit. However, pre-owned cars and trucks are less expensive in the long run, and they depreciate less. Check out the comparison below.

Years Old

Price

APR

Months

Payment

Interest

Total

New

$18,200

6.00%

60

$351.86

$2,911

$21,111

1 Year

$14,560

7.50%

60

$291.75

$2,945

$17,505

2 Years

$12,376

7.50%

60

$247.99

$2,503

$14,879

3 Years

$10,520

7.50%

60

$210.79

$2,128

$12,647

You can get a great car for the money if you aren’t afraid of a used car. As a rule, you can finance a car that’s up to 10 years old. Mileage limitations often apply.

Poor Credit Car Loans in Huntington

Poor credit has become a serious problem among individuals in Huntington, and throughout the state of West Virginia. Generally speaking, it works like this: the better your credit, the lower your interest rate. Years ago, companies were rare who would finance consumers with bad credit. Now many loan companies, and even some banks and credit unions, have subprime finance divisions.

In Huntington, buy here pay here car dealerships wind up catering to people on the lower end of the credit scale The disadvantages are noteworthy: extortionate rates of interest and inflexible terms.

Whenever possible, you’ll want to secure your finance package through one of the following loan companies:

Regional or local bank.

Credit union you can join.

Automobile loan company.

A dealership or auto finance specialist will help you get financed through one of these lenders. The down payments are lower, as are the loan rates, and the service tends to be much superior.

Can a Car Loan Improve Your Credit?

Much of your credit score is based on payment history. Paying off a car loan strengthens that payment history, boosting your credit score in the process. If you opt to deal with a BHPH dealer, you simply won’t have this opportunity. It’s smart to enroll in automatic deduction, basically to be sure you never forget any monthly payments.